Business News of 2014-02-05

Tanker owners express concern over cedi's free fall

The Tanker Owners Association has expressed concern over the free fall of the local currency, the Cedi, a situation the association says is seriously affecting the operations of its members.
It says the depreciation of the Cedi against the major trading currencies has among others, seen a sharp rise in the prices of spare parts, tyres and operating costs.
President of the Association, James Ahiadomi (aka Majaro) therefore urged stakeholders to find a lasting solution to the problem so as to see a growth in business. He was speaking on Tuesday shortly after he was elected new president of the Tanker Drivers Association in Tema.
Mr. Lawrence Frimpong (aka Living Waters) was also elected at the Vice President of the Association while Mr. Robert Martey and Mr. Yaw Frimpong were elected as Heads of the Southern and Northern Sectors respectively.
Mr. Ahiadomi also expressed concern about the margins that are paid the Tankers for lifting the fuel. He explained that for some time, there had been no increase in the margins, even though the cost of operation had significantly increased. He therefore suggested the need for negotiations on the margins.
Mr. Ahiadomi promised to ensure that disputes that arise with tanker drivers and other players in the sector are quickly and promptly resolved so as to ensure that industrial actions which disrupt fuel supplies become a thing of the past. He also pledged the leadership’s commitment to ensuring constant supply of fuel across the country at all times.
Source: myjoyonline.com
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